PM Narendra Modi proposes anual BRICS trade fair

Indian Prime Minister Narendra Modi  on Thursday proposed in that the BRICS nation can hold an annual trade fair. He also said that India would be really happy to host the first event of the five nations bloc.

"I propose an annual BRICS trade fair, India would be really happy to host the first BRICS trade fair," Modi said in his remarks at the BRICS 2015 summit

It was the seventh BRICS summit that was held in Ufa in Russia.

Narendra Modi said that the economic cooperation among the 5 countries of the are the members of BRICS is very important and would give a boost to the manufacturing.

Modi said the cooperation would give boost to the skill development.

He said the BRICS New Development bank has become a reality.

The customs arrangement among the BRICS nations would be a major step towards the establishment of the trade fair, he added.

The 5 BRICS nations represent almost 3 billion people or around 40 percent of the world's total population and have combined the GDP of $16,039 trillion or 20 percent of the Gross World Product.

Modi also proposed initiatives for the BRICS nations that includes Trade fair, Digital Initiative, Railway Research Center, Agriculture Research Center.